关键词: 环境动荡性, 持续创新行为, 企业绩效

Abstract: Abstract: The world is at the edge of a historical tech-revolution and China is standing at the center of storm that has the ability and possibility to completely reform current technology market. That's to say, Chinese enterprises are right in such huge a tide of global change: the technology environment, market environment turmoil or great changes (sometime, even structural reform) will become the common state of enterprise development. This change of commercial environment will bring a hard issue that the relationship between continuous innovation and enterprise performance may become more complex hence is hard to be taken advantage of by companies. Given such an environmental volatility scenario, how can enterprises fulfill corporate performance improvement through continuous innovation? This path is full of challenges and, meanwhile, opportunities. From the perspective of environmental dynamics, this paper tries to explain the complex relationship between continuous innovation and enterprise performance in the current situation, discuss the moderate effect of environmental dynamics on the relationship, and reveal the path of innovation sustainability to improve enterprise performance under different environmental turbulence. Based on the U model of continuous innovation and enterprise performance. Specifically, 5450 data sample points from 545 listed companies, within Shanghai and Shenzhen stock
markets, from 2007 to 2016 are selected to conduct empirical evidence,. the complex relationship between technological
innovation sustainability and enterprise performance in the external environment is discussed when combined
with the current situation of environmental dynamics. The empirical analysis supports the following conclusions :(1) the impact of continuous technological innovation behavior on enterprise performance is nonlinear,
there is an inverted U type of relationship. Empirical analysis results show that technological innovation sustainability
has an inverted U relationship with enterprise performance. When technological innovation sustainability is
low, technological innovation sustainability has a positive effect on enterprise performance. (2) The results of empirical
analysis show that technological environmental dynamics has no significant effect on the relationship between
technological innovation sustainability and enterprise performance, while market dynamics plays an important
role in the U relationship between technological innovation sustainability and enterprise performance. That
is, with more significant fluctuation of market environment, the rising period of technological innovation persistence
on enterprise performance will rise faster, and the decline of marginal reward caused by excessive and
continuous innovation behavior which does not match the size of the enterprise itself will be more obvious.
There are still many shortcomings of this article, at least including : the technological innovation activities of enterprises
are not further divided, the relationship between technological innovation persistence of different models
(such as breakthrough innovation and progressive innovation) and different types of technological innovation persistence
(such as management innovation, organizational innovation, etc.) and enterprise performance needs further
study; third, the research on the environment from the industry level, did not examine the impact of "indirect
environment" on the relationship between technological innovation sustainability and enterprise performance.
Based on this, the future research topics can be classified to examine the impact of different types of technological
innovation on enterprise performance; in addition, the research subjects can be expanded to carry out more
in-depth related research on enterprises of different industries and different sizes.

Key words: environmental dynamics, innovation persistence, corporate performance